Improving Business Performance
Employer of Choice Culture
It is widely recognised that talent management is tightly linked to organisational performance. Increasingly, boards and executives recognise gender diversity is a core component of talent management. It is less widely known that actively managing and leveraging the pay equity gap makes a substantial contribution to attracting, motivating and retaining high-performing employees (both men and women) and, therefore, to whole-of-company performance. Experience and evidence show that as the pay equity gap reduces, other key employment measures also improve.
The reality is that the pay equity gap for Australia has hovered between 15% and 18% for the past two decades and it now sits at 18.8% which is an all time high. It should be reducing. And if you think this is not about your organisation, think again. There is not one industry sector that does not have a significant pay equity gap. Finance & Insurance Services is the worst performing sector closely followed by Health Care & Social Services; both have pay equity gaps greater than 29%.*
Gender diversity is no buzzword. Nor is it about political correctness. The world has changed and organisations must change. The challenge most well intentioned CEOs, human resources leaders and boards are now facing is that, whilst they know that change is upon them, they have so many other priorities they don’t know where to start. Most organisations don’t even know what the problem is. Only one in four companies (with 100 or more employees) across Australia conducted an evaluation in the last year.** And, of those that did so, only 50% took action.**
The companies that have proven themselves capable of closing the pay equity gap have moved from a state of ignorance all the way through to a sustained change in mindset, behavior and performance. This journey involves the three A’s – raising ‘Awareness’, gaining ‘Agreement’ and taking ‘Action’. Any organisation can, with the right support from Coach on Collins, move quite quickly from awareness through to agreement and action. The more that organisations take sustained action, the sooner Australia will see broader change and the sooner Australia will see improved national competiveness.
Coach on Collins has developed a proven 5 Step Framework comprising proven 'Employer of Choice solutions' to support executives move their companies from avoidance, overload or procrastination through to sustainable and measurable results. And the results are significant. Employees feel empowered and valued; employers are rewarded by improved attraction, retention and business performance; communities are enriched through greater equality of opportunity; and there is increased shareholder reward.
*Source: Workplace Gender Equality Agency/ABS (2015), Average Weekly Earnings, Australia, Nov 2014, cat. no. 6302.0, viewed 21 May 2015.
**Source: Workplace Gender Equality Agency.